Bitcoin Miners Raked in ATH of $345M Revenue Last Week
· Bitcoin miners make an all-time high of $345M last week due to the bitcoin price surge.
· The contribution of network fees to the ATH mining revenue is 15%.
Bitcoin Miners Record an ATH High of $345M
This year opened up on a bullish note for bitcoin miners as they have consistently recorded new highs for the year. Last week, the revenue for bitcoin mining hit a new all-time high of $354.4M. The increase in revenue is linked to the performance of Bitcoin last week when it also hit a new high, moving past the $50,000 mark.
About three days ago, Glassnode, a crypto analytic firm, revealed that bitcoin miners made about $4M per hour that same day. According to the report, that was the highest mining revenue made in an hour.
Revenue for Bitcoin Miners Increase Despite Reduction in Block Reward
Regardless of the reduction in block reward, miners’ revenue, in terms of USD, has increased, co-founder of Luxor Technology, Ethan Vera, revealed in an interview. He said that this news is a positive one and would drive sustained investments and growth before the next halving.
The current revenue surpasses that of the previous high of $340M made in December 2017 during a similar bitcoin rally that year. CoinDesk reported that the platform’s fees make up about 15% of the revenue generated last week. Likewise, in January, network fees also brought in about 10% of the month’s revenue. The increase marks the continuation of the ongoing uptrend of fee-generated revenue.
Vera also revealed in a statement that miners had made considerable profits in the first two months of the year. He noted that they are returning their earnings to the business to improve future hashrate. However, the recent increase in mining revenue indicates a surge in transaction fees for users.